For most retired Americans, Social Security isn't just a check they receive each month. Rather, it represents a vital source of income that many would struggle to live without.

Even though the average payout in May was only $1,916.63 for Social Security's roughly 51 million retired-worker beneficiaries, a whopping 88% of surveyed retirees in Gallup's 2024 poll responded that their Social Security benefit comprises a "major" or "minor" part of their income. In other words, nearly nine out of 10 current retirees lean on America's leading social program to make ends meet.

Given how reliant existing retirees are on Social Security income, it should come as no surprise that one of the most anticipated reveals of the year is the cost-of-living adjustment (COLA) announcement during the second week of October.

Continue reading

Source Fool.com